Iron chains are one of the most commonly used items in industries for various purposes. Whether it be for lifting heavy objects or securing goods, an iron chain is an essential tool. The GST council has levied a tax rate for iron chains under the HSN code 7315. In this article, we will discuss the GST rates and HSN code for iron chains.
The HSN code for iron chain is 7315. This code is specifically for products made from iron or steel chains and parts thereof, of iron or steel.
1. 18% GST rate for iron chains used for lifting or hoisting goods.
2. 12% GST rate for iron chains used for other purposes such as securing goods.
It is important to note that the GST rates for iron chain may vary depending on the type of chain and its usage.
The implementation of GST has brought about significant changes in the Indian taxation system. The GST rate for iron chains has been standardized, which has made it easier for businesses to plan their expenses. Additionally, the GST system has simplified the process of paying taxes, which has reduced the tax compliance burden on small and medium enterprises.
However, the GST system has also increased the tax liability for some businesses. For instance, businesses that were previously exempt from paying taxes may now have to pay GST on their iron chain purchases.
The GST rates and HSN code for iron chains have been standardized under the GST system. The HSN code for iron chain is 7315, and the GST rates vary depending on the type of chain and its usage. While the GST system has simplified the process of paying taxes, it has also increased the tax liability for some businesses. It is therefore important for businesses to understand the GST rates and comply with the tax laws to avoid penalties.
GST Rates and HSN Code for Other Vegetables Prepared Or Preserved Not Frozen
How GST is Expected to Boost Growth by 4.2% According to Federal Reserve
GST Rate HSN Code for Miscellaneous manufactured articles - Chapter 96
